FHB FY 2023 Earnings Report — First Hawaiian, Inc. Revenue & Financial Results | Market Cap Arena

First Hawaiian, Inc.FHB

FY 2023 Earnings

Reported December 29, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$1.1B	—	$812M	—	34.6%
Op. Income	$309M	—	$351M	—	-12.0%
Gross Margin	71.3%	—	93.7%	—	-22.5pp
Net Margin	21.5%	—	32.7%	—	-11.2pp
EPS (Diluted)	$1.84	—	$2.08	—	-11.5%
Free Cash Flow	$239M	—	$417M	—	-42.7%

Revenue Flow

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$314M
GROSS PROFIT	$779M
R&D Expenses	$0
Selling & Marketing	$8M
General & Administrative	$226M
SG&A Expenses	$233M
Other Expenses	$236M
Operating Expenses	$470M
Cost & Expenses	$784M
OPERATING INCOME	$309M
Interest Income	$924M
Interest Expense	$287M
Other Income/Expenses	$0
INCOME BEFORE TAX	$309M
Income Tax Expense	$74M
Net Income from Continuing Ops	$235M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$235M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$235M
D&A	$43M
EBIT	$309M
EBITDA	$352M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$1.1B
Cost of Revenue	$314M
GROSS PROFIT	$779M
R&D Expenses	$0
Selling & Marketing	$8M
General & Administrative	$226M
SG&A Expenses	$233M
Other Expenses	$236M
Operating Expenses	$470M
Cost & Expenses	$784M
OPERATING INCOME	$309M
Interest Income	$924M
Interest Expense	$287M
Other Income/Expenses	$0
INCOME BEFORE TAX	$309M
Income Tax Expense	$74M
Net Income from Continuing Ops	$235M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$235M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$235M
D&A	$43M
EBIT	$309M
EBITDA	$352M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$235M
Depreciation & Amortization	$43M
Stock-Based Compensation	$10M
Deferred Income Tax	-$14M
Other Non-Cash Items	$21M
Change in Working Capital	-$40M
OPERATING CASH FLOW	$255M
Capital Expenditure	-$16M
Acquisitions (Net)	$0
Purchases of Investments	-$133M
Sales/Maturities of Investments	$1.4B
Other Investing Activities	-$219M
NET CASH FROM INVESTING	$1.0B
Net Debt Issuance	$425M
Common Stock Repurchased	$0
Common Dividends Paid	-$133M
Other Financing Activities	-$359M
NET CASH FROM FINANCING	-$67M
FREE CASH FLOW	$239M
Net Change in Cash	$1.2B

Balance Sheet

Item	Amount
Cash & Equivalents	$1.7B
Short-Term Investments	$2.3B
Net Receivables	$462M
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$4.5B
PP&E (Net)	$281M
Goodwill	$995M
Intangible Assets	$6M
Long-Term Investments	$17.9B
Tax Assets	$0
Other Non-Current Assets	$1.3B
TOTAL NON-CURRENT ASSETS	$20.5B
TOTAL ASSETS	$24.9B
Account Payables	$0
Short-Term Debt	$500M
Deferred Revenue	$0
Other Current Liabilities	$21.3B
TOTAL CURRENT LIABILITIES	$21.8B
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$608M
TOTAL NON-CURRENT LIABILITIES	$608M
TOTAL LIABILITIES	$22.4B
Common Stock	$1M
Additional Paid-In Capital	$2.5B
Retained Earnings	$838M
Treasury Stock	-$371M
Accum. Other Comp. Income	-$530M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.5B
Minority Interest	$0
TOTAL EQUITY	$2.5B
TOTAL LIABILITIES & EQUITY	$24.9B
Total Debt	$500M
Net Debt	-$1.2B